According to the U.S. Census Bureau, the number of people getting health insurance in the U.S. increased between 2020 and 2021. However, it’s not the only type of insurance that caters to U.S. citizens.
When you think of insurance, you probably just think of the big things like health insurance or car insurance. However, there are actually a lot more kinds of insurance out there than that. You might not know it, but there are actually a wide variety of types of insurance policies that you can buy.
In this article, we’ll go over the different types of insurance policies that you might not have heard about before.
#1 Body Part Insurance
You may have heard of life insurance, but did you know that there’s also such a thing as body part insurance? This type of policy covers specific body parts in case they get injured or damaged.
For example, let’s say you get into a car accident and break your leg. This type of insurance would cover the cost of medical expenses or lost wages if your leg had to be amputated.
This type of policy is a good way to protect yourself from unforeseen injuries. Even if you’re able to work with a prosthesis, it can still be difficult to manage financially and emotionally if things don’t go as planned.
Celebrities are often in the news for having their body parts insured. For instance, People reported that Rihanna got her legs insured for over a million dollars. Expensive, right? What’s even more surprising is that those aren’t the most expensive insured legs in the world.
According to Essentially Sports, Argentine soccer icon Lionel Messi’s left leg is insured for over $600 million. Other soccer icons like Cristiano Ronaldo and Kylian Mbappe have their legs insured, too. However, none of their insurance policies are as expensive as Messi’s.
#2 Excess Insurance
Excess insurance is a type of insurance that covers you if an accident or other occurrence causes your existing insurance policy to become insufficient. It works by supplementing the amount of coverage that you already have.
It can be used to cover a wide variety of circumstances, from damage caused by natural disasters to losses resulting from medical expenses or legal fees. It’s basically a way of acquiring extra coverage.
For example, if you have a $500 deductible on your auto insurance policy and your car is stolen, your excess insurance will cover the $500 deductible, so you don’t have to pay it out of pocket.
#3 Lottery Insurance
Lottery insurance is a type of policy that covers the costs of lottery winners should they not be able to collect their winnings. It’s a relatively new type of policy, and it only exists because of the huge amounts of money people can win in lotteries. This insurance exists because many people have trouble collecting the prize money they win, either due to legal problems or financial issues.
For example, some lottery winners are forced to give up their winnings if they’ve committed a crime or had some kind of conviction. In these cases, lottery insurance can step in and pay out the winnings so that the person can still keep them.
Another common reason for lottery insurance is when someone has financial difficulties and cannot afford to pay taxes on their winnings. The money from lottery insurance can help cover those tax costs so that no one loses out on their prize money.
#4 Fantasy Football Insurance
If you’re playing fantasy football, you probably want to be able to protect it as well. Fantasy insurance can help with this. Fantasy insurance will pay out if your team loses and won’t be able to make up the difference in points earned and lost.
This can be really helpful if you’ve got a bad week where you didn’t get enough points from your players because they were injured, so they weren’t able to perform as well as they normally would have or were unable to play at all.
#5 Paranormal Activity Insurance
This insurance policy covers the cost of damage to your home and possessions caused by ghosts, spirits, and other paranormal activity. In addition to covering damage to your property, the policy will also cover psychological counseling for anyone who witnesses or experiences a haunting. The coverage can be extended to include any pets that may be in your home at the time of the incident.
That’s all for this post. The list of such uncommon insurance policies could go on and on. However, for now, knowing about just these five will have to do. You can dig around yourself to find out more bizarre types of insurance policies.
Rest assured that you’ll find some of the most absurd ones out there, some even more absurd than the ones on this list.